Carney Speech: UK markets are essential for global commerce

The Bank of England Governor Mark Carney recently delivered his prepared speech about the Fair and Effective Markets Review titled 'Turning back the Tide' at the Fixed Income Currencies and Commodities Markets Standards Board, in London.

UK markets are essential for global commerce.

The UK accounts for 40% of both global FX volumes and trades in OTC interest rate derivatives, and two-thirds of trading in international bonds.

More international banking activity is booked in London than anywhere else.

Tthe financial sector is an important contributor to UK prosperity.

It has become increasingly clear that we cannot rely on Libor in the long term. 

Key notes

GBP/USD cracks 1.3400, fresh 9-week tops.

After a brief period of consolidation, the GBP/USD pair caught fresh bid-wave and broke higher to regain 1.34 handle, but sellers continue to lurk above the last, keeping further upside limited.

GBP remains fragile – Danske Bank.

Analyst at Danske Bank Mathias Mogensen assessed the current stance around the Sterling amidst some improvement in Brexit negotiations.

About Mark Carney 

Mark Carney is Governor of the Bank of England and Chairman of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Authority. His appointment as Governor was approved by Her Majesty the Queen on 26 November 2012. The Governor joined the Bank on 1 July 2013.